"Our aim through this work is to spark a wider conversation about what needs to change if the next generation is to see a future in financial advice."
- Steve Nelson - the lang cat
Financial consultancy the lang cat, with Morningstar Wealth, has published new research examining how the next generation views work and careers – and where, if at all, financial advice features as a career choice.
This comes as FCA data shows the number of advisers aged under 25 has dropped below 200 for the first time since 2022, reflecting declining numbers in the industry as the profession ages faster than it renews, and intensifying concerns about the future of advice.
Based on YouGov research amongst 514 young people aged 17-23, the study reveals that careers in financial services sit low on the list of appealing options. Just 28% said they found a career in the sector appealing, with only hospitality (23%) and accounting scoring lower (22%).
When asked specifically about financial planning, interest dropped further, with 21% describing the role as appealing – only two percentage points ahead of nursing, the lowest rated option.
Yet enthusiasm for financial education tells a different story. While just 17% said they had received a good level of education about money or personal finance at school, 86% agreed it should be taught.
When asked what young people want from careers, responses align closely with the qualities and skills needed to be a professional adviser. Four in five (81%) want a job that interests them, 62% value salary potential, 58% want job security and 53% are motivated by roles that help people or society.
Together, these findings suggest the lack of appeal may stem less from the role itself and more from a limited understanding of what financial advice actually involves.
When describing what they thought a financial planner does and what they look like, respondents frequently likened the role to accountancy, rarely referencing the emotional, creative or interpersonal aspects of the job. Almost three quarters (74%) believed being “good with numbers” was essential.
The prevailing stereotype was of planners as suited, corporate and formal, predominantly male and from middle-class backgrounds, a perception that risks excluding a lot of potential talent.
Steve Nelson, insight director at the lang cat, said:" The results are fascinating, though in parts uncomfortable to read - particularly how our sector is perceived by younger people. There’s nothing wrong with accountancy or suits, but what’s striking is the absence of any reference to the creativity, autonomy and human connection that define modern financial advice.
"The belief that maths skills are paramount also risks alienating talented candidates who may not see themselves as ‘numbers people’, despite being ideally suited to the role. When you consider how purpose-driven and people-focused the profession really is, this perception gap becomes all the more frustrating.
"What also stood out was the perceived lack of diversity, which will inevitably deter many from even considering a career in advice. Our aim through this work is to spark a wider conversation about what needs to change if the next generation is to see a future in financial advice. It ties into the lang cat’s ongoing exploration of this theme, which we’ll be picking up again at our New Blood event taking place next month."
Ben Lester, head of distribution at Morningstar Wealth, added: "Financial advice is such a fantastic and rewarding career option, but these findings make it clear that the wider industry and the advice profession need to be far more visible and proactive in engaging with young people - not just to improve financial literacy, but to showcase the breadth of career opportunities available.
"At the heart of our philosophy is empowering people with the knowledge they need to make good financial decisions, and that should start as early as possible. The industry cannot wait for the curriculum to catch up; it must step in to help bridge the gap. By showing the human side of financial advice and broadening perceptions of the skills required, we can attract the new blood our profession urgently needs."
